Footwear brand Dr Martens has said its current financial year (April 2024-March 2025) “looks challenging”, adding that it expects revenues from its wholesale business in the US, its largest market, to fall by at least 10%. By Leatherbiz.

The company has also announced that its chief executive, Kenny Wilson, will leave the role before the end of this financial year. He will be replaced by Ije Nwokorie, a former senior director at Apple, who took up the newly created position of chief brand officer of Dr Martens in February.

Dr Martens said it had recently finalised its order book for the next autumn-winter season, which includes the majority of its wholesale business in the US in the second half of the current financial year. It said orders were “down significantly year on year”.

The company said it did not intend to put its prices up and, therefore, would be unable to offset the increases in cost it is facing in its supply chain.

Mr Wilson explained that the organisation was focused on an action plan to reignite demand for its boots, particularly in the US. He added that when customers in the US gain confidence in the market the company can expect to see a significant improvement in its business performance. But he said there was no assumption this would happen in the current financial year.